Retirement Plan Administration
Reliable plan administration and compliance are vital for your retirement plan.
“The difference between ordinary and extraordinary is that little extra.”
Jimmy Johnson
Hall of Fame Coach
Retirement Plan Consulting
PIP works with you to support your organization’s retirement plan goals.
We will help you determine the goals and objectives for your company plan, thinking creatively about needs and desired outcomes, while satisfying the legal requirements and complex rules under ERISA (Employer Retirement Income Security Act).
Retirement Plan Strategy & Design
Retirement plans are not a “one size fits all” solution and your plan may evolve as your business changes and grows.
Through plan consulting conversations, we establish a customized plan design and document for you and your employees. Over time, we will suggest appropriate changes as your business evolves to be sure your plan is designed to best suit your needs.
Retirement Plan Administration
PIP is here to help you and your employees administer your retirement plan. We do this every day all day. If you need help, don’t hesitate to contact us.
This is the core work a TPA does on a day-to-day basis, including items like reconciling plan deposits, payroll submittals, fielding administrative questions from companies & their employees, loan processing and distributions, plan compliance and related testing, form 5500 filing, and much more.
Compliance Restoration
Accidents happen and retirement plan administration is no exception. A seasoned TPA professional used to say in almost every meeting, “it’s not whether you will make a mistake or not, it’s when and what you do about it.” This statement was quickly followed by a conversation about having the support and guidance of an experienced TPA to review your Plan annually for common missteps and “whoopsies”. Plan Integrity Partners (PIP) has a deep bench of staff familiar with the common errors and how to correct them.
Common errors include (but not limited to):
- Failure to update your Plan document.
- Failure to follow the terms of the Plan document in day-to-day operation
- Misunderstanding or incorrectly applying the definition of compensation
- Failure to correct failed discrimination testing
- Exclusion of eligible employees
- Failure to remit employee elective deferrals to the trust timely
- Hardship distributions made improperly
While many of the above-listed errors may seem benign, failure to take action to correct them could result in the Plan losing its tax-favored status. If you (or your eagle-eye TPA) uncover a mistake in either the language of the Plan document or how you’ve been administering your plan, the IRS Employee Plans Compliance Resolution System (EPCRS) is available to you as a mechanism for corrective action. Mistakes happen, and the best thing you can do as a Plan Sponsor is know what you don’t know. PIP can help you understand the error and navigate the murky world of IRS correction programs to find the appropriate one to fix it and get the plan back on track.
Audit Support (IRS Audits or DOL Audits)
Did you receive some “fan-mail” from the IRS or DOL? The worst thing you can do is shove that letter into a drawer and ignore it. We get it, who has the time?
The two agencies look for different things and operate with different priorities. The DOL (specifically EBSA) leans into eligibility, vesting, benefit claims/payments and fiduciary duties. The IRS is more focused on Tax matters (go figure, right?) like plan qualification, excise and penalty taxes and deductions. The IRS will also dive into discrimination, benefit limits (IRC §415, 402(g), 404) and funding.
Why do we mention this? When that letter arrives, it can feel adversarial but that’s not the case and often the selection is random. Plan Integrity Partners can help! Give us a call, we will work with you to review the inquiry and identify next steps. We can also be appointed as a go-between for these types of inquiries. This is what we do, we understand the lingo and can help navigate what can seem like an overwhelming process.